The technical term I believe you’re referring to is proprioception.
It’s is the sense that lets us perceive where and how parts of the body are in space. The pinky isn’t so much an anchor, but a reference point. With the the pinky as reference, your brain knows where the rest of your hand is in relation to the guitar.
Realizing this makes watching Bluegrass players like Molly Tuttle even more astounding. These are players who absolutely rip up and down the strings…without looking and seemingly without a physical reference point. (even though I think its way back, just before their wrist).